Digital print market to hit $225B by 2029, with growth driven by technology, sustainability in packaging, and personalized content demand.
SPRINGVILLE, UTAH, UNITED STATES, March 10, 2024 /EINPresswire.com/ — The state of the print industry and its projections through 2029 show a landscape undergoing transformation due to technological advancements, changing consumer behaviors, and an increasing embrace of digitalization.
Print Industry Overview
Digital Print Market Growth: The global digital print market, encompassing inkjet and electrophotography, is projected to reach $225 billion by 2029, growing from $103 billion in 2014. This growth reflects a compound annual growth rate (CAGR) of 5.3% over 2014–2029.
Commercial Printing Market: Expected to expand from USD 461.06 billion in 2024 to USD 500.87 billion by 2029, the commercial printing market will experience a CAGR of 1.67%. This growth is attributed to the demand for promotional materials across various industries and the introduction of eco-friendly practices.
Printer Market: The printer market size is estimated to increase from USD 54.35 billion in 2024 to USD 67.88 billion by 2029, with a growth rate of 4.55%. This sector is evolving with new technologies and a changing demand landscape in printing. Learn more here.
Key Trends and Drivers
Shift to Digital: A notable shift from physical print to online publications, advertising, and transactional sectors leads to reduced print volumes. However, there’s a rising demand for more personalized content tailored to individual interests, which supports digital printing.
Sustainability and Innovation in Packaging: Brand owners increasingly seek sustainable solutions and new ways to engage consumers through innovative print packaging. This trend supports the growth in demand for cost-effective, short-run, and digital print processes.
Industry Growth Segments: Significant growth is expected in books, advertising, commercial print, labels, and packaging, collectively accounting for 97.5% of the value growth in the digital print market by 2029. Packaging, in particular, is projected to substantially increase from $6.3 billion in 2019 to $32.5 billion in 2029. E-commerce print growth is also accelerating.
Challenges and Opportunities
High Costs and Company Culture: Adopting digital print technologies faces challenges such as high costs for advanced digital print equipment and consumables like inks and toners. A significant change in company culture and business processes is required for successful adoption.
Technological Advancements: Significant R&D investments are improving digital print technology with hardware, software, and chemistry advances. These developments are expected to enhance reliability and productivity and open new applications, integrating digital print into broader production systems.
Conclusion
The print industry is at a pivotal juncture, with digital transformation driving growth across various sectors, especially in digital printing, commercial printing, and printer markets. At the same time, the industry navigates challenges such as high costs and the need for cultural shifts in business processes, technological advancements, and the push towards sustainability, which present significant opportunities for innovation and growth. The future of printing seems geared toward more personalized, efficient, and eco-friendly practices, reflecting broader global trends toward digitalization and sustainability.
Author: NewsWire
